Rankine v. . Elliott
New York Court of Appeals
Appeal irom a judgment of the Supreme Court, at general term in the seventh district, restraining the defendant from the further prosecution of actions commenced by him against certain stockholders of the Canandaigua and Niagara Falls Railroad Company, to recover the amount of their unpaid subscriptions to its capital stock.
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Appeal irom a judgment of the Supreme Court, at general term in the seventh district, restraining the defendant from the further prosecution of actions commenced by him against certain stockholders of the Canandaigua and Niagara Falls Railroad Company, to recover the amount of their unpaid subscriptions to its capital stock. In December, 1854, Morse, Pierson and Phelps, judgment creditors of the railroad corporation above named, whose execution had been returned unsatisfied, commenced an action in the Supreme Court, in behalf of themselves and all other creditors, and on the 2d of January,…
1Opinion of the CourtBowen, J.
By the two orders of January 2d, 1855, made in the action between Morse, Pierson and Phelps, plaintiffs, and the Canandaigua and Niagara Falls Railroad Company, defendants, and the appointment of a receiver under one of the orders, all the “ stock, property, things in action and effects ” of the railroad company became sequestrated, and vested in the plaintiff in this action, as the receiver thus appointed, for the benefit of the creditors of the company; and if the stockholders were liable to the corporation for the balance unpaid upon their subscriptions for stock, the right to enforce such…
2Cited by5 opinions
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